STONEHAM, Mass., Jan. 12, 2017 /PRNewswire/ -- CannaKorp((TM)) Inc., the makers of the world's first single-use, pod-based cannabis vaporizing system, announced today that it has successfully closed its Series A round of funding. The company raised a total of $4.1 million on a goal of $4 million. CannaKorp has now raised a total of $5.7 million in 2016, including a seed round earlier in the year that was also oversubscribed ($1.6M raised), making the company one of the most well-funded startups in the cannabis industry.
"Successfully oversubscribing both our seed and Series A rounds of funding demonstrates the confidence our expanding network of investors has in CannaKorp, and more broadly, in the rapidly growing cannabis industry," said James Winokur, CannaKorp Co-Founder & CEO. "The excitement and momentum continues to build, providing a powerful tailwind for us as we go to market," Winokur continued.
The funds raised will be used for manufacturing, enabling cultivator and dispensary partners, as well as go-to-market activities such as launching the CannaCloud((TM)) in select markets later this year. The company's rolling launch plan will bring the CannaCloud system to multiple states and cities in North America throughout 2017.
"CannaKorp is positioned to be a disruptive force in the booming cannabis industry led by one of the most impressive teams in the space," stated Brett Rentmeester, President and Chief Investment Officer at Singularity Capital Management, and CannaKorp board member.
Singularity Capital Management, the lead investor in CannaKorp's Series A round, is a private equity firm focused on the cannabis industry.
CannaKorp achieved significant milestones in 2016 such as completing early manufacturing stages, appointing several industry leaders to its board of advisors, and expanding its partner ecosystem in multiple US states and in Canada. "We are excited about introducing our CannaCloud in 2017," Winokur said. "Thanks to our investors, the CannaKorp team is eager to put that capital to good use so patients and consumers, especially our faithful followers, can enjoy a more convenient, consistent and high-quality cannabis experience," Winokur concluded.
About CannaKorp
CannaKorp, Inc. is a Massachusetts-based technology start-up company that is simplifying and improving the experience for cannabis patients and consumers. CannaKorp has developed the world's first single-use pod-based vaporizing system, delivering unprecedented quality, convenience and consistency. The complete system includes the ground-breaking vaporizer device, CannaCloud(TM); single-use, pre-measured pods containing ground, lab tested cannabis called CannaCloud Pods(TM); and an automated processing and filling machine, the CannaMatic(TM).
CannaKorp, Inc. was founded on care and commitment to patients and consumers, and is guided by a philosophy of social and environmental responsibility. Uniquely positioned to address a significant and important market need, CannaKorp is currently seeking investors and partners who share its vision of bringing a revolutionary new approach to this rapidly expanding industry.
Forward-Looking Statements
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
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SOURCE CannaKorp, Inc.
